President and First Lady's tax return shows $180,000 drop in income

The White House released President Barack Obama and Vice President Joe Biden's tax returns Friday. (The Associated Press file photo)

The country's First Family earned a little more than $600,000
last year, a drop of about $180,000 from the year before, according to tax returns released by the White House.

The Obamas reported adjusted gross income of $608,611 last
year. They paid $112,214 in federal taxes, or about 18 percent
of income. The drop in income is linked to fewer book sales by the president,
who earned $441,000 from publishing in 2011 as compared to $259,000 in 2012.

The president and first lady also paid $29,450 in Illinois income
tax.

"The president believes we must reform our tax system which
is why he has proposed policies like the Buffett Rule that would ask the
wealthiest Americans to pay their fair share while protecting families making
under $250,000 from seeing their taxes go up. Under the president's own tax
proposals, including limitations on the value of tax preferences for
high-income households, he would pay more in taxes while ensuring we cut taxes
for the middle class and those trying to get in it," the White House noted in
the tax return release.

The Obamas gave $150,000 - about 25 percent - to charities,
with the largest being a $103,871 to the Fisher House Foundation, which
provides housing to veterans and their family members while they are receiving
treatment at military medical centers. The president pledged proceeds from his
children's book to Fisher House.

In 2011, the Obamas gave $172,130 to charity, including
$117,130 to Fisher House.

According to Politico, the highest-earning year for the
Obamas was in 2009 when they grossed $5.5 million, including $1.4 million in
Nobel Prize award money. In 2010, the Obamas earned about $1.8 million.

Vice President Joe Biden and his wife, Dr. Jill Biden,
reported adjusted gross income of $385,072 in 2012 as compared to $370,035 in
2011. They paid $87,851 in federal taxes and donated $7,190 to charity.

The Bidens paid $13,531 in Delaware income tax and $3,593 in
Virginia income tax.